The Sunday morning news. [volume] (Jersey City [N.J.]) 1886-1891, 1887-01-30


banks assets scarcely bears out the state
ment of Mr.. Gute Gilman. 1t shows on the
face of it deficiency due depositors.
Then besides the allowance that is to be
made for shrinkage in the value of its real
estate, it is not impossible that some of the
securities may not be worth par. The
mortgages may not be worth the full
amounts advanced upon them; and some
of the bonds may not be worth the amc unit
at which the directors have appraised them.
The exact amount due depositors, as shown
by this statement is $257, 530.63. The
assets, as stated by the trustees, are
Bonds and Mortgages. ~ 616 80
City Bonds Jersey City and Bayonne). 7o.400 90
County Road Bonds... 5o.OOO W
Real Estate .....-..... ..........'. 9'9S 2 %
Cash First National BaHk............... 3.973 "a
Cash on hand. OBSERVATION-DISCLOSURES. 46e3 W
s22s. 4s5 rs
On the face of the statement, the bank,
with the $4,000 Schroeder is supposed to
have taken, was scarcely solvent
It will be seen from this statement that
Mr.. Schroeder could have taken with him
between $4,000 and $4,000 in cash more
| than he is supposed to have taken; and
that he could also have cleared out with
$50, 600 of securities. OF this $50, coo, ferty
thousand was in negotiable paper that he
would have had TO trouble in disposing of.
1t is not believed that he took all the
money in imp, but his peculations are
| supposed to have extended over the last
| year. He kept his cash balance apparently
straight for the occasional inspection the
Finance Committee gave to his vouchers,
by borrowing money and repaying 1t when
the examination was over.
The trustees of the bank held meeting
yesterday afternoon. Senator Edwards re-
ported the result of his visit tc the Chan
| cellor. 1t was resolved to close tne doors
of the bank till the Chancellor Rad made a
further order in the premises, and tc Lee
| post all the securities and cash in the trst
| National Bank for safe kee Ding. Schroeder
was formally dismissed from the service of
the bank, and assista Mt Hencken was made
| Secretary and Treasurer temporarily. 1t
was also resolved to meet tomorrow at two
o'clock to ascertain the market value OF the
securities mentioned in the schedule above.
It seems now that Senator Ed
wards was the first one whose sus'
picious were aroused. When Henck-
en- became anxious about Sehroeder's
non-appearance he sought Edwards, and he
with some of the trustees made casual ex-
animation of affairs When they found
| the promissory note Mr.. Edwards thought
at first it was note made while loan on
bond and mortgage was being consummated
but he afterwards became convinced that
it represented deficiency. Then by his
/ advice the doors of the bank were ordered
to be closed. Deposits had been received
| at the bank up to three o'clock on Friday,
and one German woman went in even yes
terday morning to leave $500.
fsThe bank is closed for repairs" re-
marked assistant Henken.
81 no care TAM" exclaimed the woman,
| and it was only with difficulty that she
could be persuaded to keep her money.
Mr. Hoos of Hoos q Schulz, the Newark
Avenue furniture dealers, was one of the
last to deposit morey there. He had
81, 500 of his personal cash there the firm
had 50 600 on deposit there, and his chill
dren 5000 or S700. Mr.. Gubelman's son
had 800 of his savings tied up too.
There was little excitement around the
bank yesterday. No crowd gathered there.
But one woman who pushed her way into
the door past policeman Russell made
great lamentation over the loss of her
money. She said she was penniless and
could not provide food for her children I'M
less she could draw some money. Super
intendent Reasoner, the uncouth and I'M
Iettered Superintendent of the Delaware
Il Lackawanna Railroad thought the failure
might be blessing in disguise.
81 wonder, he exclaimed, " if any
of the strikers had money there"
Oae of the SUNDAY MORNING News re-
porters visited Schroeders house on Lin
den avenue in South Bergen yesterday
afternoon. Mrs. Schroeder was SO pros
trated by her husbands flight that she
could not be seen. A lady who refused to
give her name to the reporter waited upon
him. She is supposed to be the wife of
Mr.. Williamson, Sohroeder's intimate
friend, to whom Schroeder is said to have
confided the fact that he was defaulter
Thursday night She said that Mr.. Shros-
der reached home at Z 80 o'clock Thursday
night; and told his wife, in her presence
that he was forced to go away by business
trouble.
"Do you know where he has gomez"
asked the reporter.
II don know that that is any of your
business was the response. eMr Sohroe-
der was a good man, devoted to his family
without any wild or extrayagaut habits,
whose wife controlled his expenditures,
and I believe that he has friends enough
in Jersey City to see him through this
trouble"
Scnroeder's bond is ample for all the
losses. Mr.. Matthiessen one of the sure
ties. was one of the founders of the bank.
The building in which it dld business be-
Ionged to Mr.. Llenau, who let the bank
use it rent Free Senator Edwards went
to Newark last nis int to perfect the papers
for the trusteeship of the trustees. Presi-
dent E. f. G. Young of the First National
Bank was with the trustees in their investi-
cations as an expert Friday night, and he
says that all the securities held by the
bank are gilt-edged.
Schroedar was once gardener for Michael
Lienau, and Mr.. Lienan brought him up.
dis wife was Miss Gantze, the daughter
of a music teacher. She is woman of
very lovely disposition. President Lienau
lives q Germany. 1t was ascertained last
evening that the woman whom Schroeder
was i ! the habit of meeting in the lower
n Art of tnwn il still in the city. His